Strengthening Saudi-Egypt ties reflected in increased exports

Saudi Arabia became the number one receiver of Egyptian exports during the first five months of 2014 with exports reaching EGP 6.384bn(AFP Photo)

Saudi Arabia became the number one receiver of Egyptian exports during the first five months of 2014 with exports reaching EGP 6.384bn, the Saudi Embassy in Cairo announced Wednesday.

Italy was the second top recipient of Egyptian exports, while Turkey and the US placed third and fourth, respectively.

The report by the General Organizstion for Export and Import Control indicated that exports of small and medium enterprises to Saudi Arabia registered EGP 1.24bn. Exports increased in February to reach EGP 1.285bn, recorded EGP 1.280bn in March, EGP1.261bn in April and EGP 1.312bn in May.

Last month, President Abdel Fattah Al-Sisi and Saudi Arabian King Abdullah bin Abdulaziz Al-Saud addressed bilateral ties, economic aid and Egypt’s role in the Arabic and Islamic world during the latter’s rare stop in Egypt.

Following former president Mohamed Morsi’s ouster in July 2013, Saudi Arabia pledged $5bn to Egypt in the form of grants, deposits and petroleum products. The Saudi aid was divided into $1bn cash, a five-year $2bn interest free deposit at the CBE and $2bn in the form of petroleum products.